Godrej plans 50 new Lifespace stores by 2010

New Delhi: Godrej Group plans to double its Lifespace showrooms in the next three years to 100 and aims for a five-fold jump in turnover to Rs 500 crore from these outlets.

“We have plans to go up to 100 Lifespace showrooms by 2010, up from 50 stores currently in 27 cities across India,” Godrej Retail Division Vice-President and Business Head Shyam Motwani told PTI.

He said the main focus would be on the eight metros of the country while the company would also penetrate into tier II and tier III cities.

Of the new stores, 15 would come up by March next year followed by remaining 35 in next two years, he said.

Asked about the investment on doubling the number of stores, Motwani did not give an exact figure but said “a one- time investment to do up a single 3,000 square feet store can go up to Rs 25 lakh, but it excludes rentals and operating costs.”

He said the rentals would depend on the city and location in which the stores are likely to come up.

The Lifespace showrooms collectively recorded an overall turnover of Rs 100 crore last year and is likely to go up to Rs 150 crore for the year ending March, 2008.

By 2010 the company expects a five-fold increase in revenue to Rs 500 crore by 2010, he said.

Spread across 27 cities with a total display area of over 1,50,000 sq ft, 50 showrooms across the country sell a wide range of Godrej products, including furniture, refrigerators, ACs, washing machines, filing and storage systems, security products, locks and health products.